Dogecoin (DOGE) has stabilized around 58 satoshi ($0.00018), trading tightly within 1-2 satoshi of this mark for the past 24 hours.
Since spiking to a five-week high above 75 satoshi in November, Dogecoin has struggled. It slid as low as 50 satoshi two weeks ago, only to bounce by 32% within a four-day span back to 66. Its bottom at 50 was its lowest point since the first stage of its September rally to above 90 satoshi. It was also a clear break of its 54 satoshi support level, possibly signalling that more traders are ready to cash in on what’s left of the September rally.
Volume has remained average, with the equivalent of roughly $330,000 crossing hands during the past 24 hours.
Meet the Cryptocurrencies Tackling Inflation Head OnGo to article >>
In falling back to 58 during the past week, it finds itself once again behind its 50-day moving average (MA), now at 60 satoshi. DOGE has struggled to stay above this mark, failing to remain there for a stretch of more than a week since early October.
However, it remains healthily above its 200-day MA, which has maintained a dead-flat profile of 53 satoshi for most of this month. The tightening of DOGE’s trading range toward the upper 50s has combined with the lingering effects of its September and October extremes to yield this average.
DOGE’s next move being to the downside is therefore not a foregone conclusion, though it should certainly not be ruled out.